Tech giant Alibaba’s cloud vehicle is further expanding its collaboration in the area of fintech services with the Chinese banking sector.
Alibaba Cloud and Bank of Guangzhou entered a strategic agreement on 17 April to “comprehensively drive a digital transition strategy” for the regional lender using technologies including cloud computing, big data, smart data and fintech.
Alibaba Cloud said that it would use its exclusive Feitian cloud platform as well as its financial distributed architecture, mobile development platform and big data risk control platform to help Bank of Guangzhou to create framework infrastructure that is safe, secure, reliable and highly efficient.
Under the agreement the two parties will pursue in-depth cooperation in multiple areas including:
- Financial cloud platform development,
- Financial transactions,
- Financial security risk,
- Financial smart data,
- Industry financial services,
- Mobile smart terminals.
Alibaba Cloud and Bank of Guangzhou will also establish a fintech joint laboratory for the incubation of collaborative projects.
Bank of Guangzhou was established in 1996 and has a total of 124 subordinate entities and branches in the Pearl River Delta region.
According to a report from market research h firm IDC Alibaba Cloud is has emerged as a leading provider of fintech and digital infrastructure the Chinese financial sector.
Alibaba Cloud has provided its digital infrastructure and transition services to over 10,000 financial institutions in China, including 60% of insurance enterprises, 50% of insurance companies and 80% of listed commercial banks.